1-2c distribution june 2010 a certainty, page-22

Depreciation and amortisation are tax deductable but non cash items and dont impact free cash flow. Hence free cash flow is much bigger than taxable profits. Previously CER was paying out most of its free cash flow as "dividends". Actually these dividends were a mixture of taxable profit (3 c) and capital return (10 c). The breakdown was shown in the annual tax statement sent to unitholders.

Now you only get the 3 c profit and the balance of the free cash flow (10 c) goes to paying off debt.

Nothing dodgy here - just the way trusts work